Question

What is meant by socialism and socialist?

Answer 1

Dear student Socialism is a social and economic system characterised by social ownership of the means of production and co-operative management of the economy, as well as a political theory and movement that aims at the establishment of such a system. A socialist is someone who follows the philosophy of socialism. Someone who supports the idea that the ownership and control of all lands and businesses should be in the hands of community and not in the hands of an individual. Regards